Which of the following statements about the registration of asset reconstruction companies (ARCs) under the SARFAESI Act are correct?
1. No ARC shall commence or carry on the business of securitization or asset reconstruction without obtaining a certificate of registration.
2. The Reserve Bank may specify different amounts of owned funds for different classes of ARCs.
3. An ARC existing at the commencement of the Act must apply for registration within one year.
4. The Reserve Bank can cancel the registration of an ARC if it fails to comply with any condition subject to which the certificate was granted.
1
Only 1 and 2
2
Only 2 and 3
3
Only 1, 2, and 4
4
Only 1, 3, and 4
5
All 1, 2, 3, and 4